The U.S real estate market is about to be hit by another surge of bank repossessions (already foreclosed properties), according to a new report from RealtyTrac, an online foreclosure research site
As banks resubmit millions of documents and courts begin hearing cases again, the backlog of over four million delinquent loans will start surging through the pipeline again.
Already Foreclosure auctions reached a nine-month high in November, which corresponds to a recent surge in default notices in August.
As these foreclosure properties flood into the Housing Market, most economists expect further damage to the US Housing Market: Namely Prices decline. Therefore, it will be much harder to sell for the owners.
Yet, if you need to sell your house quickly, there is always a way to do so. For more information, please visit our main website.
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